Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Sodium acetate is produced by reacting acetic acid with sodium carbonate. Sodium acetate trihydrate is granular crystalline powder and has acetic odor. Medical & pharmaceutical, leather & textiles, plastic, water, agriculture, and food are some of the key application of the sodium acetate trihydrate and sodium acetate.
The global sodium acetate market accounted for US $ 103.54 Million in terms of value and 350.43 Thousand Tons in terms of volume in 2019
Robust growth in the pharmaceutical industry is projected to propel the market growth of the sodium acetate trihydrate & sodium acetate anhydrous. It is widely used in the electrolytes and warming pads. They are also used as a diuretic agent. Increasing geriatric population is creating a need for healthcare facilities. Hence, growth in the pharmaceutical industry is fueling the market growth of the sodium acetate trihydrate & sodium acetate anhydrous over the forecast period.
Growing demand for leather products is predominantly fueling the market growth of the sodium acetate trihydrate & sodium acetate anhydrous. Increasing demand for products such as handbags, footwear, bags, and other leather-based products is driving demand for sodium acetate trihydrate & sodium acetate anhydrous. It is a crucial component of leather tanning chemicals and textile dyeing chemicals. Moreover, an increasing number of leather manufacturing industries around the globe is also expected to foster the market growth. Thus growing demand for leather products is propelling the market growth.
Sodium Acetate Trihydrate product segment dominated the Global Sodium Acetate market in 2019, accounting for 56.04% share in terms of value, followed by anhydrous segment.
Figure 1. Global Sodium Acetate Market, Revenue Share (%), By Product, 2019
Lack of awareness regarding the benefits of the products is affecting the demand for sodium acetate trihydrate & sodium acetate anhydrous. This factor is hindering market growth over the forecast period.
Availability of the other food preservatives in the market is restricting the use of sodium acetate trihydrate in the food application. Thus, easy availability of other food preservatives are projected to inhibit the market growth.
Sodium Acetate Market Report Coverage
||Market Size in 2019:
||US$ 103.54 Mn
|Historical Data for:
||2017 to 2019
||2020 to 2027
|Forecast Period 2020 to 2027 CAGR:
||2027 Value Projection:
||US$ 151.90 Mn
- North America
- Asia Pacific
- Rest of the World
- By Product: Sodium Acetate Trihydrate, and Sodium Acetate Anhydrous
- By End Use: Leather & textile, Food, Medical & Pharmaceuticals, and Others
Allan Chemical Corporation, CABB GmbH, Changshu Nanhu Chemical Co., Ltd., Fujian Fukang Pharmaceutical Co., Ltd., Nantong Zhongwang Additives Co., Ltd., Karn Chem Corporation, Niacet Corporation, NOAH Technologies Corporation, Shanxi Xinzhou Chemical Reagent Factory, and Spectrum Chemical Manufacturing Corporation
- Surging demand across pharmaceutical sector
- Increasing adoption of leather products
|Restraints & Challenges:
- Lack of awareness over usage of Sodium Acetate
- Availability of substitutes across food industry
Expansion of the chemical industry around the globe due to the increasing production of chemical products is expected to offer lucrative opportunities in the market over the forecast period. According to the Cefic Facts & Figures, global chemical turnover was valued at €3,347 billion in 2018. Global sales increased by 2.5% from €3,266 billion in 2017 to €3,347 billion in 2018. China leads the market with €1,198 billion in 2018. Thus, robust growth in the chemical industry is projected to foster the market growth.
Increasing use of sodium acetate as a phase changing materials in solar heat systems and thermal energy storage systems is projected to bring new market opportunities. Moreover, it is also used in other applications such as heat pump systems, heat pump systems, waste heat recovery and thermal protection in electronic products. Thus, emerging such application of sodium acetate is projected to foster the market growth of the sodium acetate trihydrate & sodium acetate anhydrous over the forecast period.
Figure 2. Global Sodium Acetate Market, Revenue Share (%), By End-Use, 2019
The leather & textile end use segment accounted for a share of 35.50% across the global sodium acetate market in 2019 followed by medical & pharmaceuticals, and others segment respectively.
Market Trends/Key Takeaways
Improving lifestyle of the consumers coupled with the growing awareness regarding the health is driving consumption of the product from the healthcare industry. The overall development of the economy coupled with the growing supply chain of the food products is also contributing to the market growth of sodium acetate trihydrate & sodium acetate anhydrous. All these factors are expected to bolster the demand for sodium acetate over the forecast timeframe.
The growing use of sodium acetate in the agriculture industry is one of the emerging trends in the market. Sodium acetate is used in nematicides as an attractant. Nematicides are a type of pesticide used to kill the worms on plants. Growing adoption of the advanced agricultural practices for enhancing the yield production is expected to boost the demand for pesticides which in turn is creating demand for sodium acetate. Thus, growing agricultural application of sodium acetate is propelling the market growth.
Figure 3. Global Sodium Acetate Market – Value Chain Analysis
Global Sodium Acetate Market - Impact of Coronavirus (Covid-19) Pandemic
The global sodium acetate market has been impacted due to the ongoing COVID-19 pandemic. This can be attributed to the hindrance in the supply chain and shutting down of several many industries due to the imposition of lockdown. But, its demand across the medical and pharmaceutical sector has gained traction over the pandemic period. Moreover, rapid technological advances undertaken by the key players are projected to trigger the market growth over the post-pandemic period.
Key players operating in the global sodium acetate market include Allan Chemical Corporation, CABB GmbH, Changshu Nanhu Chemical Co., Ltd., Fujian Fukang Pharmaceutical Co., Ltd., Nantong Zhongwang Additives Co., Ltd., Karn Chem Corporation, Niacet Corporation, NOAH Technologies Corporation, Shanxi Xinzhou Chemical Reagent Factory, and Spectrum Chemical Manufacturing Corporation.